Advantages of Non-Custodial Crypto Exchanges
Non-custodial crypto exchanges are the preferred types of exchanges for many new investors in the market. You will find out why these platforms are better than their custodial counterparts in this article.
What are Non-Custodial Crypto Exchanges?
Cryptocurrency has a short history. Nonetheless, it is full of strange twists. For example, according to CipherTrace, a cryptocurrency intelligence agency, more than $1 billion worth of Cryptocurrencies have been stolen from wallets during this short period.
Recently, Binance, a popular custodial crypto exchange was hacked with 7000 BTC carted away!
Indeed, the company promised to compensate those affected. However, the incident should serve as a lesson to investors in the Crypto market.
Unlike custodial platforms, non-custodial exchanges enable the users to be responsible for their funds security by letting them store the funds in their personal wallets. That way, as a trader you would have total control over the storage and dispensing of whatever token you are holding.
Benefits Of Non-Custodial Exchanges
Choosing a non-custodial crypto exchange over a custodial platform offers the following benefits:
Less Targeted By Hackers
Regardless of the security in place, custodial platforms will always look attractive to hackers because of its centralized funds storage system.
Easy and Fast Transactions
Non-custodial platforms offer you complete access and control of your funds. Therefore, trading is more seamless with these exchanges.
More Responsibility
You will have to take more responsibility regarding the security of your assets with a non-custodial platform. Therefore, it makes you more vigilant and security conscious.
Best Non-Custodial Crypto Exchanges
The following reputable non-custodial platforms have the trust of investors:
ExchangeFast
ExchangeFast lives up to the brand name. It is indeed fast when it comes to changing and swapping cryptocurrencies. Besides, it is one of the safest platforms out there and has over 100 coin pairs ready to be traded. Therefore, it is not shocking that this exchange is the number one choice of many investors.
ZenGo
ZenGo is an exchange platform ensures that you are never at risk of losing your money with its security features. They even have ZenGo wallet to provide users with a seamless user experience on all fronts.
Edge
Edge supports many Cryptocurrencies, making it the favorite choice of many traders. Moreover, it offers one of the cheapest transaction fees out there but not as cheap as ExchangeFast though.
Conclusion
Non-custodial platforms like ExchangeFast are enjoying rave reviews because of their exciting perks. So, it makes perfect sense to leverage them as a crypto investor.